Financial Supervisory Authority of Norway revokes Cleaves Securities AS authorisation to provide investment services after repeated reporting failures and auditor resignations

The Financial Supervisory Authority of Norway has issued a decision to revoke Cleaves Securities AS’s authorisation to provide specified investment and ancillary services, citing long-running, repeated breaches of reporting obligations and the resignation of two auditors due to deficiencies in the firm’s operations and lack of responsiveness. The firm has appealed, and Finanstilsynet has postponed implementation of the decision until the appeal is decided by the Financial Supervisory Authority Complaints Board. The revocation is made under the Securities Trading Act and covers investment services and related ancillary services listed in the decision. The decision provides for a wind-down period until 3 October 2025 during which the firm may only provide services necessary to orderly terminate existing client relationships, and it may not take on new clients. Finanstilsynet points to repeated late or missing financial reporting, including a 2024 daily fine of NOK 315,000 for late submission of the 2023 annual accounts, and continued failures to submit key returns such as the 2024 annual accounts (due 31 March 2025) and the capital adequacy return for the second quarter of 2025 (due 11 August 2025). The supervisory assessment also highlights auditor resignation in December 2024 referring to serious issues and unresponsiveness, a period without an appointed auditor from 12 December 2024 to 16 April 2025, and prior auditor resignation in 2021; other matters were considered but were not decisive for the conclusion. The appeal is to be determined by the Financial Supervisory Authority Complaints Board, and the revocation will not take effect while the postponement remains in place.